If you’re dying to start a business, but don’t have much experience, a franchise might be the way to go. Franchises are great because they are turnkey. They teach you everything you need to know to run the business, and help with everything from choosing a location to figuring out the right marketing mix. The franchisor has already figured out a winning formula that works, and you get the benefit of this knowledge when you sign on. Since you don’t have to reinvent the wheel, you will have fewer startup headaches, and can save a lot of time and capital. On top of all this, the franchise headquarters wants nothing more than to see you succeed. They make money when you make money. Plus, they have to show successes and failures to future franchisees, so their success rate is important. Instead of being on your own, you have a highly experienced team that you can call on for help or advice.
Franchises aren’t for everyone. Everything is already scripted, and you have to follow the franchisor’s directions down to a tee. If you march to the beat of your own drummer, then a franchise probably isn’t for you. But if you’re not sure where to start, or want guidance, a franchise could be a great option.